UK House Sales Down By More Than Half Year-On-Year

Property sales in the UK have fallen by 53% in the past year, according to the latest figures from HM Revenue & Customs.

In September, 59,000 homes were sold, down from 126,000 sales in the same month last year. That was also a 62% fall from the recent peak in sales, of 154,000, seen in December 2006.

This year, the credit crunch has driven the housing market into its sharpest slowdown for decades.